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Debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Components of Mortgage Debt

Mortgage debt consisted of the following (dollars in thousands):

Collateral	Interest Rate			Maturity Date		3/31/17 Property Carrying Value				Balance Outstanding on Loan as of
										March 31, 2017				December 31, 2016
Senior Unsecured Revolving Credit Facility (1)	3.35	%		November 25, 2019		$	—			$	56,500			$	52,500
Residence Inn by Marriott New Rochelle, NY	5.75	%		September 1, 2021		19,849				14,045				14,141
Residence Inn by Marriott San Diego, CA	4.66	%		February 6, 2023		44,514				28,885				29,026
Homewood Suites by Hilton San Antonio, TX	4.59	%		February 6, 2023		32,654				16,494				16,575
Residence Inn by Marriott Vienna, VA	4.49	%		February 6, 2023		30,747				22,585				22,699
Courtyard by Marriott Houston, TX	4.19	%		May 6, 2023		32,008				18,661				18,758
Hyatt Place Pittsburgh, PA	4.65	%		July 6, 2023		35,479				22,755				22,864
Residence Inn by Marriott Bellevue, WA	4.97	%		December 6, 2023		68,788				46,016				46,206
Residence Inn by Marriott Garden Grove, CA	4.79	%		April 6, 2024		39,878				33,542				33,674
Residence Inn by Marriott Silicon Valley I, CA	4.64	%		July 1, 2024		82,028				64,800				64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%		July 1, 2024		89,831				70,700				70,700
Residence Inn by Marriott San Mateo, CA	4.64	%		July 1, 2024		64,635				48,600				48,600
Residence Inn by Marriott Mountain View, CA	4.64	%		July 6, 2024		56,776				37,900				37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%		July 6, 2024		37,190				30,000				30,000
Hilton Garden Inn Marina del Rey, CA	4.68	%		July 6, 2024		42,798				22,047				22,145
Homewood Suites by Hilton Billerica, MA	4.32	%		December 6, 2024		11,536				16,225				16,225
Homewood Suites by Hilton Carlsbad CA	4.32	%		December 6, 2024		29,710				19,950				19,950
Hampton Inn & Suites Houston Medical Center, TX	4.25	%		January 6, 2025		14,987				18,300				18,300
Total debt before unamortized debt issue costs						$	733,408			$	588,005			$	585,063
Unamortized mortgage debt issue costs										(2,138		)		(2,240		)
Total debt outstanding										$	585,867			$	582,823

(1) The interest rate for the senior unsecured revolving credit facility is variable and based on either LIBOR plus an applicable margin ranging from 1.55% to 2.3%, or prime plus an applicable margin of 0.55% to 1.3%.

Future Scheduled Principal Payments of Debt Obligations

Future scheduled principal payments of debt obligations as of March 31, 2017, for the current year and each of the next four calendar years and thereafter are as follows (in thousands):

	Amount
2017 (remaining nine months)	$	3,243
2018	5,374
2019	63,840
2020	9,899
2021	22,308
Thereafter	483,341
Total debt before unamortized debt issue costs	$	588,005
Unamortized mortgage debt issue costs	(2,138		)
Total debt outstanding	$	585,867

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- References

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- Definition

Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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- Definition

Tabular disclosure of the terms and amounts of participation in loan arrangements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=29639217&loc=d3e10013-112621

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